Financing in Brooklyn>Question Details

F. Hutch, Home Owner in 92694

Executor's Loan....continued

Asked by F. Hutch, 92694 Fri Apr 13, 2012

Now for the question:
What should I do? Cut my losses and sell "as is" and take the low ball offers?
Try to hold on to the property somehow and wait for the market to turn (there are 12 foreclosures on the block). And if I hold on to it...how? I don't know what options are available to me. I was told that there is something called an executor's loan (so that I can fix it up), but have not found anything online about it. Where can I find the info? Also, I don't live in NY.

Thank you in advance for your time.

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Answers

4
Begin by consulting with an attorney who specializes in real estate, and with any licensed loan officer. Unclear is your property listed with an agent, and if so, have you reviewed comps--recently sold similar properties in the immediate area; one needs to review such data before accepting any offers, or consider a hiring a professional appraiser. If you don't have an agent, consider the idea, he/she will best guide you....
0 votes Thank Flag Link Sat Apr 14, 2012
List it with a local Realtor. You'll get more on the retail market (even with the property in not-great condition) than you will from investors. The advantage to investors is that you can sell quick in as-is condition. If it's already listed (sorry, it's nearly impossible to toggle back and forth--the entire question should have been all together), ask your Realtor for his/her recommendation.

I've never heard of an "executor's loan," but, then again, I'm not licensed in New York. Your agent would know.
0 votes Thank Flag Link Fri Apr 13, 2012
Don Tepper, Real Estate Pro in Fairfax, VA
MVP'08
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Dear Dazed and Confused:

If you Google the term "executors loan" you will get a bunch of information on that. You also should speak to an attorney here in Brooklyn to help guide you because real estate law varies from state to state.

With regard to whether you should sell now, it all depends on what type of offers you are getting and what type of property this is (lot size, building size, legal use and condition). If you want I can put together a comparative market analysis for you which will give you an idea as to how much the property is worth on today's market.

Feel free to contact me if you want to discuss this further. I would love the opportunity to help you. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Apr 13, 2012
Dear Dazed and Confused:

If you Google the term "executors loan" you will get a bunch of information on that. You also should speak to an attorney here in Brooklyn to help guide you because real estate law varies from state to state.

With regard to whether you should sell now, it all depends on what type of offers you are getting and what type of property this is (lot size, building size, legal use and condition). If you want I can put together a comparative market analysis for you which will give you an idea as to how much the property is worth on today's market.

Feel free to contact me if you want to discuss this further. I would love the opportunity to help you. Good luck!

Sincerely,
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
Email: MitchellSFeldman@aol.com
0 votes Thank Flag Link Fri Apr 13, 2012
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